UPDATED 5/5/25 3pm
Willowood Group has become the latest upstart investor to feel pain after getting into the Texas multifamily investment game around the start of the pandemic.Â
Fannie Mae issued a foreclosure notice, claiming the Dallas-based company that was founded in 2019 defaulted on a $39.4 million loan for the purchase of the Oasis Apartments at 9690 Forest Lane in Dallas, according to Roddy’s Foreclosure Listing Service.Â
Managing partner Robert Tobolowsky said the firm figured out a solution that will prevent the property from being auctioned Tuesday at Dallas County Courthouse.
The complex was built in 1971. It was valued at $62.4 million for property tax purposes this year, according to the Dallas Central Appraisal District.Â
Willowood purchased the 506-unit apartment complex from Concord Capital Partners, which said it sold the property for $54.5 million, or about $108,000 per unit, after spending $2.25 million renovating the property.Â
Willowood says on its website that it purchased Oasis Apartments when it was less than 60 percent occupied and has nearly doubled revenue at the property over 18 months.
Willowood specializes in apartment complexes with more than 150 units and owns about 1,500 units, according to its website. The firm, which is headed by Tobolowsky and John Bowden, typically holds onto properties for between seven to 10 years.
The firm also owns the 292-unit View at Lake Highlands, the 192-unit Vesper Apartments, the 144-unit Haven Apartments, the 246-unit Vista Azul Apartments and a 110-unit, seven-property portfolio of multifamily buildings in Old East Dallas.
This story was updated to include a comment from Willowood, which said it worked out a deal to avoid foreclosure.
